Prices of transportation fuels — petrol and diesel — are likely to come down on Wednesday in the wake of the government reducing the excise duty levied on both by Rs 2 per litre.

According to informed sources here, the reduction in retail prices will “likely be reflected” from Wednesday morning.

The three state-owned oil marketing companies (OMCs) — Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation — revise prices of petrol and diesel on a daily basis and these are announced at 6.00 a.m.

Currently, an excise duty component of Rs 21.48 per litre is levied upon petrol — and, consequent to the reduction in excise duty, this will come down to Rs 19.48.

In case of diesel, Rs 17.33 excise is charged per litre — this will come down to Rs 15.33 per litre.

On October 3, Tuesday, the retail selling price of petrol in New Delhi was pegged at Rs 70.88, while that for diesel was at Rs 59.14 per litre.